Second Mortgage Calculator

Second Mortgage Calculator to calculate the mortgage payment for your 2nd mortgage loans. The 2nd Mortgage Calculator will show the amortization schedule with your monthly mortgage payments, and principal and interest breakdowns.

2nd Mortgage Calculator Results
Mortgage Amount:	$200,000.00
Monthly Payment:	$1,479.38
Total # Of Payments:	180
Start Date:	Jul, 2022
Payoff Date:	Jun, 2037
Total Interest Paid:	$66,287.65
Total Payment:	$266,287.65

Payment Date	Payment #	Interest Paid	Principal Paid	Total Payment	Remaining Balance
2nd Mortgage Amortization Schedule
Jul, 2022	1	$666.67	$812.71	$1,479.38	$199,187.29
Aug, 2022	2	$663.96	$815.42	$1,479.38	$198,371.87
Sep, 2022	3	$661.24	$818.14	$1,479.38	$197,553.74
Oct, 2022	4	$658.51	$820.86	$1,479.38	$196,732.87
Nov, 2022	5	$655.78	$823.60	$1,479.38	$195,909.27
Dec, 2022	6	$653.03	$826.34	$1,479.38	$195,082.93
Jan, 2023	7	$650.28	$829.10	$1,479.38	$194,253.83
Feb, 2023	8	$647.51	$831.86	$1,479.38	$193,421.97
Mar, 2023	9	$644.74	$834.64	$1,479.38	$192,587.33
Apr, 2023	10	$641.96	$837.42	$1,479.38	$191,749.91
May, 2023	11	$639.17	$840.21	$1,479.38	$190,909.70
Jun, 2023	12	$636.37	$843.01	$1,479.38	$190,066.69
Jul, 2023	13	$633.56	$845.82	$1,479.38	$189,220.87
Aug, 2023	14	$630.74	$848.64	$1,479.38	$188,372.23
Sep, 2023	15	$627.91	$851.47	$1,479.38	$187,520.76
Oct, 2023	16	$625.07	$854.31	$1,479.38	$186,666.46
Nov, 2023	17	$622.22	$857.15	$1,479.38	$185,809.30
Dec, 2023	18	$619.36	$860.01	$1,479.38	$184,949.29
Jan, 2024	19	$616.50	$862.88	$1,479.38	$184,086.41
Feb, 2024	20	$613.62	$865.75	$1,479.38	$183,220.66
Mar, 2024	21	$610.74	$868.64	$1,479.38	$182,352.02
Apr, 2024	22	$607.84	$871.54	$1,479.38	$181,480.48
May, 2024	23	$604.93	$874.44	$1,479.38	$180,606.04
Jun, 2024	24	$602.02	$877.36	$1,479.38	$179,728.69
Jul, 2024	25	$599.10	$880.28	$1,479.38	$178,848.41
Aug, 2024	26	$596.16	$883.21	$1,479.38	$177,965.19
Sep, 2024	27	$593.22	$886.16	$1,479.38	$177,079.03
Oct, 2024	28	$590.26	$889.11	$1,479.38	$176,189.92
Nov, 2024	29	$587.30	$892.08	$1,479.38	$175,297.84
Dec, 2024	30	$584.33	$895.05	$1,479.38	$174,402.79
Jan, 2025	31	$581.34	$898.03	$1,479.38	$173,504.76
Feb, 2025	32	$578.35	$901.03	$1,479.38	$172,603.73
Mar, 2025	33	$575.35	$904.03	$1,479.38	$171,699.70
Apr, 2025	34	$572.33	$907.04	$1,479.38	$170,792.66
May, 2025	35	$569.31	$910.07	$1,479.38	$169,882.59
Jun, 2025	36	$566.28	$913.10	$1,479.38	$168,969.49
Jul, 2025	37	$563.23	$916.14	$1,479.38	$168,053.35
Aug, 2025	38	$560.18	$919.20	$1,479.38	$167,134.15
Sep, 2025	39	$557.11	$922.26	$1,479.38	$166,211.89
Oct, 2025	40	$554.04	$925.34	$1,479.38	$165,286.55
Nov, 2025	41	$550.96	$928.42	$1,479.38	$164,358.13
Dec, 2025	42	$547.86	$931.52	$1,479.38	$163,426.62
Jan, 2026	43	$544.76	$934.62	$1,479.38	$162,492.00
Feb, 2026	44	$541.64	$937.74	$1,479.38	$161,554.26
Mar, 2026	45	$538.51	$940.86	$1,479.38	$160,613.40
Apr, 2026	46	$535.38	$944.00	$1,479.38	$159,669.40
May, 2026	47	$532.23	$947.14	$1,479.38	$158,722.26
Jun, 2026	48	$529.07	$950.30	$1,479.38	$157,771.96
Jul, 2026	49	$525.91	$953.47	$1,479.38	$156,818.49
Aug, 2026	50	$522.73	$956.65	$1,479.38	$155,861.84
Sep, 2026	51	$519.54	$959.84	$1,479.38	$154,902.00
Oct, 2026	52	$516.34	$963.04	$1,479.38	$153,938.97
Nov, 2026	53	$513.13	$966.25	$1,479.38	$152,972.72
Dec, 2026	54	$509.91	$969.47	$1,479.38	$152,003.25
Jan, 2027	55	$506.68	$972.70	$1,479.38	$151,030.55
Feb, 2027	56	$503.44	$975.94	$1,479.38	$150,054.61
Mar, 2027	57	$500.18	$979.19	$1,479.38	$149,075.42
Apr, 2027	58	$496.92	$982.46	$1,479.38	$148,092.96
May, 2027	59	$493.64	$985.73	$1,479.38	$147,107.23
Jun, 2027	60	$490.36	$989.02	$1,479.38	$146,118.21
Jul, 2027	61	$487.06	$992.32	$1,479.38	$145,125.90
Aug, 2027	62	$483.75	$995.62	$1,479.38	$144,130.27
Sep, 2027	63	$480.43	$998.94	$1,479.38	$143,131.33
Oct, 2027	64	$477.10	$1,002.27	$1,479.38	$142,129.06
Nov, 2027	65	$473.76	$1,005.61	$1,479.38	$141,123.45
Dec, 2027	66	$470.41	$1,008.96	$1,479.38	$140,114.48
Jan, 2028	67	$467.05	$1,012.33	$1,479.38	$139,102.16
Feb, 2028	68	$463.67	$1,015.70	$1,479.38	$138,086.45
Mar, 2028	69	$460.29	$1,019.09	$1,479.38	$137,067.37
Apr, 2028	70	$456.89	$1,022.48	$1,479.38	$136,044.88
May, 2028	71	$453.48	$1,025.89	$1,479.38	$135,018.99
Jun, 2028	72	$450.06	$1,029.31	$1,479.38	$133,989.68
Jul, 2028	73	$446.63	$1,032.74	$1,479.38	$132,956.93
Aug, 2028	74	$443.19	$1,036.19	$1,479.38	$131,920.75
Sep, 2028	75	$439.74	$1,039.64	$1,479.38	$130,881.11
Oct, 2028	76	$436.27	$1,043.11	$1,479.38	$129,838.00
Nov, 2028	77	$432.79	$1,046.58	$1,479.38	$128,791.42
Dec, 2028	78	$429.30	$1,050.07	$1,479.38	$127,741.35
Jan, 2029	79	$425.80	$1,053.57	$1,479.38	$126,687.78
Feb, 2029	80	$422.29	$1,057.08	$1,479.38	$125,630.69
Mar, 2029	81	$418.77	$1,060.61	$1,479.38	$124,570.09
Apr, 2029	82	$415.23	$1,064.14	$1,479.38	$123,505.94
May, 2029	83	$411.69	$1,067.69	$1,479.38	$122,438.25
Jun, 2029	84	$408.13	$1,071.25	$1,479.38	$121,367.01
Jul, 2029	85	$404.56	$1,074.82	$1,479.38	$120,292.19
Aug, 2029	86	$400.97	$1,078.40	$1,479.38	$119,213.79
Sep, 2029	87	$397.38	$1,082.00	$1,479.38	$118,131.79
Oct, 2029	88	$393.77	$1,085.60	$1,479.38	$117,046.19
Nov, 2029	89	$390.15	$1,089.22	$1,479.38	$115,956.96
Dec, 2029	90	$386.52	$1,092.85	$1,479.38	$114,864.11
Jan, 2030	91	$382.88	$1,096.50	$1,479.38	$113,767.62
Feb, 2030	92	$379.23	$1,100.15	$1,479.38	$112,667.46
Mar, 2030	93	$375.56	$1,103.82	$1,479.38	$111,563.65
Apr, 2030	94	$371.88	$1,107.50	$1,479.38	$110,456.15
May, 2030	95	$368.19	$1,111.19	$1,479.38	$109,344.96
Jun, 2030	96	$364.48	$1,114.89	$1,479.38	$108,230.07
Jul, 2030	97	$360.77	$1,118.61	$1,479.38	$107,111.46
Aug, 2030	98	$357.04	$1,122.34	$1,479.38	$105,989.12
Sep, 2030	99	$353.30	$1,126.08	$1,479.38	$104,863.04
Oct, 2030	100	$349.54	$1,129.83	$1,479.38	$103,733.21
Nov, 2030	101	$345.78	$1,133.60	$1,479.38	$102,599.61
Dec, 2030	102	$342.00	$1,137.38	$1,479.38	$101,462.24
Jan, 2031	103	$338.21	$1,141.17	$1,479.38	$100,321.07
Feb, 2031	104	$334.40	$1,144.97	$1,479.38	$99,176.09
Mar, 2031	105	$330.59	$1,148.79	$1,479.38	$98,027.31
Apr, 2031	106	$326.76	$1,152.62	$1,479.38	$96,874.69
May, 2031	107	$322.92	$1,156.46	$1,479.38	$95,718.23
Jun, 2031	108	$319.06	$1,160.32	$1,479.38	$94,557.91
Jul, 2031	109	$315.19	$1,164.18	$1,479.38	$93,393.73
Aug, 2031	110	$311.31	$1,168.06	$1,479.38	$92,225.67
Sep, 2031	111	$307.42	$1,171.96	$1,479.38	$91,053.71
Oct, 2031	112	$303.51	$1,175.86	$1,479.38	$89,877.85
Nov, 2031	113	$299.59	$1,179.78	$1,479.38	$88,698.06
Dec, 2031	114	$295.66	$1,183.72	$1,479.38	$87,514.35
Jan, 2032	115	$291.71	$1,187.66	$1,479.38	$86,326.69
Feb, 2032	116	$287.76	$1,191.62	$1,479.38	$85,135.07
Mar, 2032	117	$283.78	$1,195.59	$1,479.38	$83,939.47
Apr, 2032	118	$279.80	$1,199.58	$1,479.38	$82,739.90
May, 2032	119	$275.80	$1,203.58	$1,479.38	$81,536.32
Jun, 2032	120	$271.79	$1,207.59	$1,479.38	$80,328.73
Jul, 2032	121	$267.76	$1,211.61	$1,479.38	$79,117.12
Aug, 2032	122	$263.72	$1,215.65	$1,479.38	$77,901.47
Sep, 2032	123	$259.67	$1,219.70	$1,479.38	$76,681.76
Oct, 2032	124	$255.61	$1,223.77	$1,479.38	$75,457.99
Nov, 2032	125	$251.53	$1,227.85	$1,479.38	$74,230.14
Dec, 2032	126	$247.43	$1,231.94	$1,479.38	$72,998.20
Jan, 2033	127	$243.33	$1,236.05	$1,479.38	$71,762.15
Feb, 2033	128	$239.21	$1,240.17	$1,479.38	$70,521.98
Mar, 2033	129	$235.07	$1,244.30	$1,479.38	$69,277.68
Apr, 2033	130	$230.93	$1,248.45	$1,479.38	$68,029.23
May, 2033	131	$226.76	$1,252.61	$1,479.38	$66,776.62
Jun, 2033	132	$222.59	$1,256.79	$1,479.38	$65,519.83
Jul, 2033	133	$218.40	$1,260.98	$1,479.38	$64,258.85
Aug, 2033	134	$214.20	$1,265.18	$1,479.38	$62,993.68
Sep, 2033	135	$209.98	$1,269.40	$1,479.38	$61,724.28
Oct, 2033	136	$205.75	$1,273.63	$1,479.38	$60,450.65
Nov, 2033	137	$201.50	$1,277.87	$1,479.38	$59,172.78
Dec, 2033	138	$197.24	$1,282.13	$1,479.38	$57,890.64
Jan, 2034	139	$192.97	$1,286.41	$1,479.38	$56,604.24
Feb, 2034	140	$188.68	$1,290.70	$1,479.38	$55,313.54
Mar, 2034	141	$184.38	$1,295.00	$1,479.38	$54,018.54
Apr, 2034	142	$180.06	$1,299.31	$1,479.38	$52,719.23
May, 2034	143	$175.73	$1,303.65	$1,479.38	$51,415.58
Jun, 2034	144	$171.39	$1,307.99	$1,479.38	$50,107.59
Jul, 2034	145	$167.03	$1,312.35	$1,479.38	$48,795.24
Aug, 2034	146	$162.65	$1,316.73	$1,479.38	$47,478.52
Sep, 2034	147	$158.26	$1,321.11	$1,479.38	$46,157.40
Oct, 2034	148	$153.86	$1,325.52	$1,479.38	$44,831.89
Nov, 2034	149	$149.44	$1,329.94	$1,479.38	$43,501.95
Dec, 2034	150	$145.01	$1,334.37	$1,479.38	$42,167.58
Jan, 2035	151	$140.56	$1,338.82	$1,479.38	$40,828.76
Feb, 2035	152	$136.10	$1,343.28	$1,479.38	$39,485.48
Mar, 2035	153	$131.62	$1,347.76	$1,479.38	$38,137.73
Apr, 2035	154	$127.13	$1,352.25	$1,479.38	$36,785.48
May, 2035	155	$122.62	$1,356.76	$1,479.38	$35,428.72
Jun, 2035	156	$118.10	$1,361.28	$1,479.38	$34,067.44
Jul, 2035	157	$113.56	$1,365.82	$1,479.38	$32,701.62
Aug, 2035	158	$109.01	$1,370.37	$1,479.38	$31,331.25
Sep, 2035	159	$104.44	$1,374.94	$1,479.38	$29,956.31
Oct, 2035	160	$99.85	$1,379.52	$1,479.38	$28,576.79
Nov, 2035	161	$95.26	$1,384.12	$1,479.38	$27,192.67
Dec, 2035	162	$90.64	$1,388.73	$1,479.38	$25,803.94
Jan, 2036	163	$86.01	$1,393.36	$1,479.38	$24,410.57
Feb, 2036	164	$81.37	$1,398.01	$1,479.38	$23,012.57
Mar, 2036	165	$76.71	$1,402.67	$1,479.38	$21,609.90
Apr, 2036	166	$72.03	$1,407.34	$1,479.38	$20,202.56
May, 2036	167	$67.34	$1,412.03	$1,479.38	$18,790.52
Jun, 2036	168	$62.64	$1,416.74	$1,479.38	$17,373.78
Jul, 2036	169	$57.91	$1,421.46	$1,479.38	$15,952.32
Aug, 2036	170	$53.17	$1,426.20	$1,479.38	$14,526.12
Sep, 2036	171	$48.42	$1,430.96	$1,479.38	$13,095.16
Oct, 2036	172	$43.65	$1,435.73	$1,479.38	$11,659.44
Nov, 2036	173	$38.86	$1,440.51	$1,479.38	$10,218.93
Dec, 2036	174	$34.06	$1,445.31	$1,479.38	$8,773.61
Jan, 2037	175	$29.25	$1,450.13	$1,479.38	$7,323.48
Feb, 2037	176	$24.41	$1,454.96	$1,479.38	$5,868.52
Mar, 2037	177	$19.56	$1,459.81	$1,479.38	$4,408.70
Apr, 2037	178	$14.70	$1,464.68	$1,479.38	$2,944.02
May, 2037	179	$9.81	$1,469.56	$1,479.38	$1,474.46
Jun, 2037	180	$4.91	$1,474.46	$1,479.38	$0.00

2nd Mortgage Calculator

The 2nd mortgage calculator gives you the option to show the amortization schedule by year or month.

What Is A Second Mortgage?

A second mortgage is a mortgage taken out against a property that already has a mortgage that hasn't been paid off. Since the second mortgage is a lien from the first mortgage, the mortgage amount will be lower than the first, and the interest rate is generally higher. In the case of default, the lender has the right to take control of your home. Home equity loans or home equity lines of credit are often used as second mortgages.

Why A Second Mortgage?

There are good reasons why someone would want to take out a second mortgage.

Payoff credit card debt - The second mortgage has a much lower interest rate than the APR of credit cards. If you owe a lot of credit card debt, getting a 2nd mortgage is an excellent way to pay off your credit card and save a lot of money on interest payments.

Avoid paying PMI from the first mortgage - If you are paying less than 20% on your first mortgage, you will need to pay private mortgage insurance. To avoid paying for the PMI, you can consider taking out a second mortgage.

Finance large purchase - If you need to buy a car or another house as an investment.

Home innovation - If you want to renovate your home and don't have the cash to do so, you can take out a second mortgage to cover the costs of home improvement.

College tuition and expenses - If you or your kids are going to college and need money for tuition and other costs, you can consider getting a second mortgage.

Medical bills - If you have medical bills that you can't afford to pay, you may want to get a second mortgage so that you can pay off your medical bills.

Starting a business - If you need money to start a business, you can use HELOC to buy equipment and other necessities or even to hire employees for your business.

Stocks, bonds, and other investments - If you think you can make more money with other investments than the interest that you will be paying for your second mortgage, you can consider HELOC.

Buying a second house - If you are thinking of buying a second house and need more money for the down payment and closing costs, you can apply for a second mortgage.

Disadvantages of second mortgages

While it is nice to have extra cash in hand, there are disadvantages to getting a second mortgage.

Good equity in your house - in order to get a meaningful amount of money from a second mortgage, you need to have a good chunk of equity in your home. If you just bought your house recently, you will not be able to get a second mortgage.

The costs might be expensive - there will be closing costs and other one-time fees such as appraisal and loan origination fees that you have to pay. You will have to calculate the fees and see if it is worth the effort to get a second mortgage.

Lose your home - Since the second mortgage uses your home as collateral, you may lose your home if you fail to make payments.

Should I get a second mortgage?

One of the best ways to use a second mortgage is to use it to increase the value of your home, by improving your home such as installing solar lights to reduce energy usage, upgrading the kitchen and bathroom, or increasing the finished square footage. By making improvements to your home, you maintain the equity in your house. In addition, if you are paying private mortgage insurance or PMI, an insurance that you have to pay monthly if your equity in the house is less than 20%. When the value of your home increases, you might be able to remove your PMI. Your lender will order an appraisal to reevaluate your property and see if it indeed has increased in value compared to other houses in your area. Use the PMI payoff calculator to calculate how much PMI you are paying each month and evaluate if it makes sense to apply for a second mortgage to remove the monthly mortgage insurance. Another good reason to use a second mortgage is to pay off your other high-interest credit card debts. The APR for credit cards is outrageous, so if you are falling behind in your credit card bills, by all means, get a second mortgage. On the other hand, if you are planning to use the second mortgage to buy a brand new car, high-class furniture, or other luxuries, you have to really think hard about it. Do you really need these items or can you live without them? If you want to use a second mortgage for other investment purposes such as starting a business, investing in stocks, or buying a second house, make sure you evaluate the risks and rewards of each investment and have a good understanding of the current economic conditions. When the economy is tough, people getting laid off, businesses struggling to survive, houses getting foreclosure, and stocks losing value, it could be difficult to start a new business, invest in stocks, or buy another property. Ask yourself this question, do I have the necessary experience to pursue this business opportunity or am I relying on others to make all the decisions. If your answer is the latter, you need to reevaluate your decision.

How to qualify for a second mortgage?

There are certain conditions that you need to meet in order to qualify for a second mortgage.

Strong income history - a strong income history is required so the lender knows that you can repay the loan.

High credit score - You need to have a good credit score to qualify for a second mortgage. Although some lenders may still take the risk and qualify you with a low credit score, you will end up paying a much higher interest rate.

Low LTV - You need to have a low debt to value ratio, no more than 43%. Lenders prefer LTV lower than 36%.

Good equity in your house - You may need about 20% of the equity in your house. Lenders want to see that you have good equity in your house, so in case of default, they can recoup their loss by taking control of your home.

Each lender is different, so you will have to shop around and see what's available.

How long does it take to get approval for a second mortgage?

Just like the first mortgage that you have, the second mortgage follows a similar procedure and process time to approve your loan, and the timeline will vary from lender to lender. You need to get an appraisal for your home and submit all necessary documents that your lender requested to avoid delays. It could take up to a month or even longer for your lender's underwriter to review and approve your loan. Communicate with your mortgage loan officer and see if they need additional information. Loan officers are usually busy with many loan applications, sometimes they may forget to contact you about an issue, so you may want to follow up with them from time to time so they keep you in the loop.

2nd Mortgage Calculator
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2nd Mortgage Calculator

What Is A Second Mortgage?

Why A Second Mortgage?

Disadvantages of second mortgages

Should I get a second mortgage?

How to qualify for a second mortgage?

How long does it take to get approval for a second mortgage?

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